BEBS Phantom Stock Transactions Case Triggers Raid on Mirae Asset Sekuritas Indonesia Office
The Financial Services Authority (OJK) is investigating a case of alleged securities market fraud related to the share price movements of PT Berkah Beton Sadaya Tbk. (BEBS). OJK, accompanied by the Coordinator for Supervisory Investigators of Civil Servants (Korwas PPNS) of the Criminal Investigation Agency (Bareskrim) of the Indonesian National Police, raided the office of PT Mirae Asset Sekuritas Indonesia (MASI) in the Senayan district of Jakarta.
The raid took place on Wednesday (4 March) from around noon until about 3:00 pm Western Indonesia Time. Several OJK investigators were seen carrying various boxes containing evidence from the search.
Executive Director of Financial Services Investigation at OJK, Inspector General Daniel Bolly Hyronimus, explained that the raid relates to a case involving manipulation during initial public offerings (IPO). For instance, the failure to report affiliated parties receiving fixed allocations in the IPO and reports on the use of IPO funds that do not reflect facts. In addition, investigators found indications of dummy transactions involving seven corporate entities and 58 individual nominee entities. The alleged offences occurred between 2020 and 2022.
“Meaning, buying shares based on information from insiders. This is not allowed in the capital market. Then engaging in dummy trading, this is also not allowed; there must be fairness,” Daniel told reporters after the raid in the Senayan area, Jakarta, on Wednesday (4 March 2026).
Two Individuals and Corporate Suspect
Daniel said OJK has named two people as suspects in the case. The two suspects are ASS, the beneficial owner of PT BEBS, and MWK, the former Director of Investment Banking at PT MASI (Mirae Asset Sekuritas Indonesia).
“The two suspects we have questioned and whose status has been elevated are ASS and MWK. The case is now in the settlement phase,” he added.
ASS and MWK are suspected of violating Article 104 in conjunction with Article 90, subsidiarily Article 107 of Law No. 8 of 1995 on the Capital Market.
The sequence of transactions was executed by six operators under the suspects’ control, causing BEBS’s share price to surge significantly by up to 7,150% in the regular market.
Moreover, OJK named PT Mirae Asset as a corporate suspect. The case involves insider trading, manipulation of the IPO process, and dummy transactions during 2020-2022.
“The two suspects we have questioned… are AS and M. The case is in the settlement process. Meanwhile, the corporate case is still ongoing,” he said.
Two Billion Shares Frozen Worth Rp 14.5 Trillion
Daniel noted that the total value of transactions implicated in the case amounts to around Rp 14.5 trillion. This value comes from roughly 2 billion shares that have been frozen by investigators. The shares are valued at around Rp 7,000 per share.
“The total value is Rp 14.5 trillion, derived from the frozen shares; there are around 2 billion shares at about Rp 7,000 each. Trading of these shares is not allowed,” he explained.
The freezing measure was taken to prevent asset transfers and to maintain stability and integrity of the capital market during the legal proceedings.
In this case, Daniel continued, the investigative team is pursuing further development against the corporate entity. Meanwhile, the individual suspects are currently in the process of handover to the Public Prosecutor’s Office (P-21) along with the evidence.
“The charges applied against the suspects are those set out in Law No. 8 of 1995 on the Capital Market, specifically for dummy trading and insider trading,” concluded Daniel.